"One of the largest fines ever imposed on an auto maker" will be announced Wednesday morning, The Wall Street Journal writes.
Attorney Gen. Eric Holder and other federal officials are expected to say that Toyota Motor Corp. has agreed to pay about $1.2 billion to "end a criminal probe into its disclosure of safety issues," the Journal reports.
Holder, Transportation Secretary Anthony Foxx and U.S. Attorney for the Southern District of New York Preet Bharara are due to hold a news conference at 9:30 a.m. ET.
As Bloomberg News says, the settlement will end "a U.S. criminal probe. ... Toyota recalled more than 10 million vehicles worldwide in 2009 and 2010 following complaints of sudden, unintended acceleration. ... The probe examined whether Toyota made false or incomplete disclosures to regulators about defects in its cars, and how it handled drivers' complaints."
This is not the first large payout related to the sudden acceleration issue that Toyota has agreed to make.
The Associated Press notes that:
"From 2010 through 2012, Toyota Motor Corp. paid fines totaling more than $66 million for delays in reporting unintended acceleration problems. The National Highway Traffic Safety Administration never found defects in electronics or software in Toyota cars, which had been targeted as a possible cause by many, including some experts."